91 Years Later 

By Bob Peters || April 14, 2026

Happy Birthday Dad

My dad turns 91 in a few days, and I thought it might be nice to write a post recognizing this milestone. Besides lunch at one of his favorite spots, Toby’s in Coupeville, and a visit with family, we do not have a lot planned. Long ago, we wiped clean all the items on his wish list. He pretty much has everything he needs and wants, although a younger body without chronic back pain would be nice. We are still working on that one.

Why You Are Who You Are

How did I become the person I am? Genes, environment, nature, or nurture? Yes. All of the above, and the moments in between.

Why you are who you are is a question a philosopher might be able to tackle, but there is no easy answer for the rest of us mere mortals. Setting this monumental question aside, let’s dive into a bit of history and start about 5 1/2 years before Dad was born.

October 1929, the Stock Market Crash, and the Great Depression

Dad was born about midway through what is considered the Great Depression, which began with the October 1929 stock market crash and ended with the beginning of World War II. The year of Dad’s birth was on track to be the fourth year in a row in which unemployment was above 20%. Compare that to our current 4.3%, and the preceding four years of approximately 4.1%, 3.8%, 3.6%, and 3.8%, respectively.

Context is everything, and as unsettling as current circumstances may feel, it is a good reminder that many have endured much worse.

Due in large part to the economic and social pain felt by many citizens, the 1930s saw a rise in “America First” movements, including fascism, antisemitism, and support for non-democratic dictators. The Ku Klux Klan, which peaked in the 1920s, still had an active presence in the 1930s.

World War II

Dad was 6 1/2 years old when Pearl Harbor was attacked. Old enough to be aware that things were changing around him, but still too young to fully comprehend what the next four years would entail.

My grandfather drove an oil truck for Standard Oil of California, which provided food and shelter for my dad, his mom, and his sister. Life was simple.

Post-World War II… the Decade of the 1950s

Dad joined the Naval Air Reserve in high school, then attended San Francisco City College for a couple of years. After earning his associates degree, he fulfilled his two-year service obligation stationed in near Washington DC and then entered the workforce.

Returning World War II service members created an economic and baby boom. Jobs were plentiful and did not require higher education to support a family on a single income.

The Cold War was heating up, and the world feared the prospect of global nuclear destruction. The economy was hot, but there was an overhang from the Cold War as well as domestic racial tensions, particularly in the South. McCarthyism was at its peak in the 1950s, driven by Senator Joseph McCarthy’s unsubstantiated claims that communists had infiltrated the government. There was fear of retribution, “witch hunts,” and broken careers if you were accused of being a communist, often with no evidence.

The 1960s

The decade of the 60’s was monumental for my Dad.  I was born in 1961 and he started his new career as a stockbroker in 1966 with First California Company just as the stock market was entering a 15-year decline.  With no rolodex of wealthy friends and family and the headwinds of a poor investment market Mom’s eagle eye on the family budget provided enough.  Vacations were limited to visiting family and a summer cabin owned by my grandparents.  

The backdrop of “mutually assured destruction”, the Cuban Missile crisis, the Vietnam War, civil rights protests, assassinations of President Kennedy, Martin Luther King and Robert Kennedy, rising inflation, the moon landing provided for a tumultuous decade. 

The 1970’s

This was a tough decade economically. There was high inflation and low economic growth, which is referred to as “stagflation.” Prices rise, but wages do not keep up. The standard of living declined.

Geopolitical turmoil brought about the Arab oil embargo because of U.S. support of Israel after it was attacked by Egypt and Syria in October 1973. The stock market declined 45% in less than two years, from 1973 to 1974. Fuel rationing required long lines at gas stations, where you could only fill up every other day. There was also water rationing due to an extended drought, which prohibited people from watering lawns and washing cars. My mom put a brick in the back of our toilet tank to reduce the amount of water used.

During this time, my folks continued to support my swimming, including lots of driving to and from practice and swim meets. Other than visiting family and the summer cabin, we went on one two-week driving vacation to the Pacific Northwest, Banff, Glacier, and Salt Lake City. Dad lost both of his parents during the decade, along with his grandfather. The summer cabin was sold, and I went to college.

I was fortunate to have an athletic scholarship that paid a substantial portion of my first two years of college. My folks paid the balance, for which I am very grateful.

The 1980s

After the 27% decline in the stock market and high inflation during 1981–1982, the next five years were a boom. The economy benefited from falling interest rates after the Federal Reserve had hiked rates to break inflation’s hold. From 1982 to 1989, 10-year U.S. Treasury yields declined by more than 5%.

On October 19, 1987, the stock market declined 22.6% in one day, the biggest one-day decline ever. Within two days, the market had recovered 57% of the one-day loss, and within two years it was back to the October 1987 level.

I remember calling Dad on October 19 to check on how he was doing. The call was very short: “I can’t talk right now.”

My dad gave me advice on budgeting that has served me well for my entire life.

The 1990s

After recovering from the 1987 market crash, the stock market continued to roar. The Soviet Union had collapsed in 1991, and there was tremendous optimism that the world was entering a safe and prosperous period, often referred to as “the peace dividend.” Countries cut back on military spending, and capital gains tax rates declined.

The average annual stock market return for the five years from 1995 through 1999 was more than 20% per year.

What can go wrong? Too much of a good thing. Everyone was in a frenzy over the internet, and every company that had “.com” attached to it went through the roof, until the crash.

The 2000s

From March 2000 until October 2002, the NASDAQ, the exchange for most technology stocks, declined about 78%, and it took about 15 years for the NASDAQ to return to its March 2000 level.

In late 2000, the U.S. Supreme Court ruled in favor of George Bush in a contested election, which deeply divided the country. On September 11, 2001, the U.S. was attacked by terrorists, which prompted the Patriot Act, the war on terror, and societal debates over the extent of government’s pursuit of security versus civil liberties.

China was admitted to the World Trade Organization in 2001 with support from the United States. In 2003, the Iraq War commenced in large part because of government misinformation regarding weapons of mass destruction that proved to be untrue.

A long period of public policy that relaxed regulation over the financial services industry contributed to fraud and the misallocation of capital into the retail housing market. The consequences of these policies led to the Great Financial Crisis of 2008–2010. Adjacent to the financial crisis, the rise of social media was beginning to take hold.

The 2010s

Smartphone ownership exploded, along with streaming services and on-demand access to products and services such as Amazon, Uber, and Netflix. The form of personal interaction was changing rapidly during the transition from analog to high-speed digital. Texting, email, and video became new channels for communicating.

Populism around the world became evident with the Arab Spring and Brexit. Dictatorships and autocracies pushed back on popular unrest to consolidate power. Powerful people were held to account for past misdeeds, as seen in the Me Too movement. There was also a growing global consensus around the need to move away from fossil fuels toward renewable energy sources.

The stock market, having recovered from the Great Financial Crisis, was on a tear again. As a result of government stimulus used to get out of the crisis, short-term interest rates were taken effectively to zero. Money was free, which does wonders for asset prices. For the first time since the 1850s, there was no recession during the entire decade.

Many people in the country did not participate in the prosperity of the decade. People who lost jobs to global competition, the financial devastation of the Great Financial Crisis, or a myriad of other circumstances looked for a change in leadership. Social media, income inequality, and popular discontent with the status quo all contributed to the election of Donald Trump.

The 2020s…

This decade is still too young to summarize, other than to point out that as my dad celebrates his 91st birthday, it is safe to take away a few things:

There will always be hardships. They do not last forever. They pass.

Many people before us have endured extreme challenges. Seek out gratitude, however difficult your circumstances.

Optimism is worth it. It is a choice you can make.

Economic cycles affect people to different degrees. Do what you can to mitigate the risks, but realize that you are not in control of everything.

Misinformation has existed throughout history, so use your critical thinking to protect yourself and your loved ones.

As I said on the home page of this blog, “My Dad is a man of great integrity who has a steadfast moral compass.” What more could you hope to have from your dad?

Happy 91st Birthday, Dad.